Not rip it apart. Rather, save the venue by no longer using it as a theater. That's not the first choice for the development team that has been given first crack at making over the joint. But there are three options, one of which spells no more shows, says Katie Arnholt Kim of NXG Developments.

Of the two other possibilities, she describes one as a "conference" set-up that could include events like weddings. As for what lurks behind Door No. 3, that's top secret for now.

Actually, Kim, 35, doesn't want to say too much about any of the fledgling possibilities. Just last week, the city picked between two proposals and tabbed NXG. Kim and business partner Jim Grube have 90 days to get the project rolling.

The first order of business is negotiating with the Comfort family to buy the Madison property, which includes most of the bars in the 500 block of Main Street. As part of the city-brokered agreement, NXG then must buy the city-owned parking lot next door on Madison Avenue.

Though the city isn't directing the project, it will continue to work with NXG as plans develop.

"We're in the discussion," says Assistant City Manager Scott Setti.

Still, the ideas aren't close to firm yet, Kim says. The purchase price will determine the next step: the more money spent on the properties, the less available for refurbishing.

"We're looking at everything," Kim says. " ... We're looking for the best opportunity for the community."

That means the building won't get sandblasted, inside or out, Kim pledged.

"The goal is to preserve the heart," she says. "Anybody can go in and tear down the building and build a beautiful new one."

But what would be a redone Madison's function? Good question.

Many Madison fans wax nostalgic for the 1990s-era rock shows. Yeah, those were some good times, with some good crowds. Then again, there also were plenty of duds, like the 200-spectator W.A.S.P. show of 2000. Even some of the impressive appearances — like guitar whiz Steve Vai, in '99 — drew just 500 people. You can't get your investment back on that kind of attendance.

That's not to say concerts have no place at the Madison, Kim says. But the overall approach has to make sense — and money.

Meantime, other Madison aficionados hark to the venue's glitzier days as a movie showplace. That thrust seems unlikely in the future, at least on a regular basis.

"We don't want to compete with the theater at the riverfront museum," Kim says. "And we don't want to compete with the Apollo Theater. "

Page 2 of 3 - Still, live theater — as in plays and musicals — might have a place at the Madison. As Kim says, "Peoria has a big performing arts community."

Sure, but theaters already exist for such fare. And really, are conventioneers going to flock to a local production of "Barefoot in the Park"?

Yet maybe conventioneers could be drawn to the new Madison otherwise. Though short on specifics, Kim said another Madison option would be refashioning the theater into a "conference" site. Among other functions, it could host weddings.

Then there's a third option. But mum's the word.

"We're not prepared to talk about that publicly," Kim says.

Even the city's Setti is clueless about the secret.

"I don't think even we know about it," Setti says, chuckling.

Not that he's alarmed.

"We're hoping they can find a place for performances in some way," Setti. " ... But we want a good business plan."

Kim echoes that goal, even if it means no more theater at the Madison as we've known it.

"That's not the route we want to go," she says. "But we ... have to find the best fit for the community."

That applies likewise to the property's strip of four adjacent Main Street taverns (Hoops is in a separate structure). Of the quartet, just two are open. The owner of the Judges Chamber declined to talk to me; the operator of Shifters didn't call me back.

Over the years, some of the many pubs at that site have had a spotty history: squad cars have been known to flood the street at closing time. Meantime, the weathered property could use some prettying up.

"We really want to revive it in every sense of the word and make it a destination place," Kim says.

Kim recognizes the viability of saloons in that area, especially amid the boosted hotel occupancy. Still, she isn't sure of the appropriate number or type of taverns.

"They would have to fit the brand," she says.

What brand?

"Not sure yet."

Meanwhile, Kim has a smidge more certitude about the living space to be built on the parking lot at Madison Avenue and Hamilton Boulevard. She says her information shows a "200-plus absorption rate" for downtown apartments each of the next 10 years. That is, if 200 units are added downtown for a decade, they'll get rented.

She says the living spaces could be lofts or studios, maybe 1- or 2-bedroom set-ups. She plans no cheap complex, but won't cater to the upper-crust, either.

"It's not going to be ritzy and high-priced, like the average person can't afford," she says.

Overall, Kim recognizes that her sketched-out Madison outline leaves plenty of room for details to be colored in. Kim hopes to hear from the public.

Page 3 of 3 - "If you have any ideas, I'm willing to listen," she says. "The more creativity, the better."

I'm listening, too. The contact info is below. What say you about the Madison?